SpyGlass Pharma (SGP) Q2 2026 earnings summary

Executive summary

• Focused on developing long-acting ophthalmic drug delivery, with the BIM-IOL System in Phase 3 trials for glaucoma and ocular hypertension patients undergoing cataract surgery; enrollment remains on track for completion in 2027.

• First-in-human trial for the BIM-DRS is set to begin in the second half of 2026.

• Completed IPO in February 2026, raising $172.5 million in gross proceeds; all outstanding preferred stock converted to common stock.

• Cash, cash equivalents, and short-term investments totaled $234.2 million as of June 30, 2026, expected to fund operations through 2028.

• Dedicated reimbursement pathway for the BIM-IOL System was established, potentially accelerating commercial adoption, and commercial leadership was strengthened with a new VP of Marketing.

Financial highlights

• Net loss was $19.9 million for Q2 2026, up from $8.7 million in Q2 2025; net loss per share (basic and diluted) was $(0.59) for Q2 2026.

• Research and development expenses increased 49% year-over-year to $10.9 million for Q2 2026; G&A expenses rose to $11.0 million, mainly due to headcount and professional fees.

• Interest income rose to $2.1 million for Q2 2026, reflecting higher cash balances post-IPO.

• Total operating expenses were $22.0 million in Q2 2026.

• Accumulated deficit reached $138.4 million as of June 30, 2026.

Outlook and guidance

• Cash runway expected to fund operations and capital expenditures through 2028.

• Anticipates continued increases in R&D and G&A expenses as Phase 3 trials progress and commercial infrastructure is built.

• Plans to complete Phase 3 enrollment in 2027 and submit NDA in 2028, pending successful results.

• BIM-DRS first-in-human trial initiation expected in the second half of 2026.

• Four-year efficacy and safety follow-up for BIM-IOL System anticipated in Q4 2026.